vpi78 Posted May 20, 2008 Share Posted May 20, 2008 I know there have been onshore and offshore exchange rates for the Baht/$/£, and that one generally gets more Baht by exchanging in Thailand rather than in one's home country. But what rate does a bank, e.g., Bangkok Bank, use when accepting an electronic wire transfer from a US/UK bank to Bangkok bank. For example, today Bangkok bank lists on its website $/Baht exchange rates of 31.73, 31.90, and 32.00 for Buying Rate (50-100 note), Sight Bill, and Travelers Checks, respectively. I understand these rates are lower than today's average exchange rate which seems to be about 32.3, because that is likely how Bangkok bank makes its profit, but which of the above (or maybe its a 4th rate?) is used for the wire transfer exchange? Sorry if this question has been asked and answered before, but in my search I could not find it so. Link to comment Share on other sites More sharing options...
cclub75 Posted May 20, 2008 Share Posted May 20, 2008 (edited) I know there have been onshore and offshore exchange rates for the Baht/$/£, and that one generally gets more Baht by exchanging in Thailand rather than in one's home country.But what rate does a bank, e.g., Bangkok Bank, use when accepting an electronic wire transfer from a US/UK bank to Bangkok bank. For example, today Bangkok bank lists on its website $/Baht exchange rates of 31.73, 31.90, and 32.00 for Buying Rate (50-100 note), Sight Bill, and Travelers Checks, respectively. I understand these rates are lower than today's average exchange rate which seems to be about 32.3, because that is likely how Bangkok bank makes its profit, but which of the above (or maybe its a 4th rate?) is used for the wire transfer exchange? Sorry if this question has been asked and answered before, but in my search I could not find it so. Go to : http://www.scb.co.th/exchange/bk-pvsexchange.htm Siam Commercial Bank You'll notice that the rates change several times per day. Those rates are the "real" ones, the ones you get when you (or a business) make a transfert to Thailand, or from Thailand. Edited May 20, 2008 by cclub75 Link to comment Share on other sites More sharing options...
lopburi3 Posted May 21, 2008 Share Posted May 21, 2008 Bangkok Bank uses the TT buying rate. Currently 31.79 Link to comment Share on other sites More sharing options...
Cuban Posted May 21, 2008 Share Posted May 21, 2008 I understand these rates are lower than today's average exchange rate which seems to be about 32.3, because that is likely how Bangkok bank makes its profit, but which of the above (or maybe its a 4th rate?) is used for the wire transfer exchange? As others say the rate changes a few times a day - the spread between the current real spot rate and the rate which you get is as you say the bank's profit on the exchange. Getting the timing perfect to your benifit is a hard task and likely to only benifit you a small amount - play with some figures to see the effect of a typical's days movement on your overall end to end exchange. Getting the lowest fees may help you get the best from the entire deal, making a move to a different bank might pay for the differance depending on the total value of your transaction and whether this is a one off or start of a series of transactions. As you only refer to the general process, if thsi is one of a series of transactions; if you have your own account with a Thai bank you might be look at a bulk transfer to your account then using internet banking to move smaller amounts from there. HTH Link to comment Share on other sites More sharing options...
vpi78 Posted May 21, 2008 Author Share Posted May 21, 2008 Thanks cclub, lopburi, and Cuban. These were helpful replies. Link to comment Share on other sites More sharing options...
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